I have an HP pavilion that has an HP Recovery (D) drive... If I do the System Recovery will it delete all my data from my PC? I understand it will delete the programs but will it delete my saved information?

If it is the recovery information that came with the computer, yes all Data will be gone and computer will be just like you got it when new -

You should save all information that you need or want to keep and then do the system recovery

Back up all your files that you want to keep on a disc... Yes, if you do a recovery, you lose everything. Then after you do the recovery, put the CD back in with your files on it, and download them back on your puter